This is exactly what happens when a bank gets tired of having their AC units hijacked from foreclosed properties. I saw this “REO cage” on a Fannie Mae property in Sacramento recently. Yes, each leg is bolted to the ground.
What a sign of the times, don’t you think?
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Ryan, I see this quite a lot in certain areas of my market. I always think it would be nice if the thought and energy that goes into stealing the copper and HVAC units would just go into something positive we could solve many problems.
That would be great, Tom. I’ve never actually seen a cover exactly like this. I’ve seen metal door and window covers like this one (https://sacramentoappraisalblog.com/2009/10/14/photos-from-the-field-heavy-duty-security-doors-window-coverings-for-vacant-properties/).
Wow, Ryan! That’s not easy to install in the concrete like that. Good idea. I shared on FB Real Estate Appraiser Tips page and said, Interesting. On REO appraisals in some neighborhoods, you just know the Central Unit isn’t going to remain in place by the time the disposal agency gets the listing.
Ryan, question. On local Fannie Mae properties on the Homepath program, FNMA is going in and installing new roofs, new paint and flooring to get these homes sold. Is that taking place in your market as well?
Bill, Fannie Mae is doing the same thing in the Sacramento area for their HomePath properties. Many of them look pretty good overall. This one picture was actually a HomePath property. I really wasn’t expecting to see a cage over the AC unit though in this neighborhood. I would expect that in other areas. Maybe the agent has had units stolen quite a bit. The windows were not boarded up or anything like that though on this one.
They’re stealing units from Woodcreek Oaks in Roseville, of all places!
That just shows thieves will consider any location. It’s not just neighborhoods that might have a so-called bad reputation. Thanks Anne.
Ryan, I’m with Tom, if they’re going to go through all of the work for what little copper there is, maybe there are better rewards for their effort. And I’m sorry to say, those four little bolts are not going to stop a thief, matter of fact they’ll probably take the cage for scrap metal.
@Bill, Here in MN my son just signed a PA on a Homepath Home, and they rehabbed it;new roof, carpet, roof, certified the septic, etc. I was very impressed.
I agree with you, Michael. This is not the end-all solution to stop thieves, but it is one more roadblock that may deter them. I noticed the bolts were all bent too so the thieves would definitely have to bend them straigh (or just cut them if possible). On a different note, I wonder what Fannie Mae could do with all their “REO cages” once the market finally regulates. Maybe they could sell them as “chicken coops” or an innapropriate “time out cage” for parents to use (kidding everyone)…. 🙂
Ryan, You’re right, at least they’re trying to do something. Maybe it will at least slow them down enough so someone can call the cops.
I was thinking I hope my girlfriend didn’t see your post, she probably get the idea that would be a good place for me at times.
Funny, Michael. If you’re worried about that, I highly recommend clearing your browsing history right now. 🙂
Some of these folks are going into populated neighborhoods, and if it deters or adds a few minutes to the process, it does help. I saw an agent show me these “a/c cages a few months ago.” ~ And that parent “time-out” cage cracked me up. All the more reason many banks do not want REO being advertised. Great post Ryan, as always.
I think you’re right about that. Creating more of a hindrance can only help deter criminals from doing their thing. It’s too bad they even have to be installed, but that’s how it goes. Enjoy your day, Heather. Thanks for stopping by and the kudos.